Modern Mining March 2024

Heathcote adds that several governments are keen to revive nuclear power plants that were on care and maintenance, with Japan announcing the restart of all its nuclear reactors and the develop ment of new reactors. “At COP28, 21 nuclear power producing countries pledged to triple their installed capacity by 2050. Moreover, the US ban on Russian nuclear fuel means they will be seeking new sources of uranium outside of Russia, including from the African continent.” Further to this, owing to challenges related to accessing acid and mining productivity, two of the world’s largest producers of uranium – Kazatomprom and Cameco – have lowered their

near term production forecasts at a time when ura nium demand is set to sky-rocket. “With the resurgence in demand for nuclear power by nuclear generating countries, the WNA has forecast a deficit of around 30 to 40 million pounds of uranium by 2040, which includes demand emanating from the re-start of all new production, indicating demand for uranium will remain robust for several decades. As it stands, the uranium market is possibly the best it has been in the past 30 years.” According to Heathcote, this fundamental shift in the clean energy market sees uranium prices hitting the sweet spot. “Since Neo Energy listed in November 2023, the price of uranium has rocketed

A view of the Henkries project area.

Exploration trenches with ore exposed.

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March 2024  MODERN MINING  19